Revised Code of Ethics in the Phils - 2010

Professional accountant in public practice a

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Unformatted text preview: s or judgments onsignificant matters with respect to the audit of the financialstatements on which the firm will express an opinion. Dependingupon the circumstances and the role of the individuals on the audit,“other audit partners” may include, for example, audit partnersresponsible for significant subsidiaries or divisions. Listed entity An entity whose shares, stock or debt are quoted or listed on arecognized stock exchange, or are marketed under the regulationsof a recognized stock exchange or other equivalent body. 125 Network A larger structure: (a) That is aimed at co-operation; and (b) That is clearly aimed at profit or cost sharing or sharescommon ownership, control or management, commonquality control policies and procedures, commonbusiness strategy, the use of a common brand-name, or asignificant part of professional resources. Network firm A firm or entity that belongs to a network. Office A distinct sub-group, whether organized on geographical orpractice lines. Professional accountant [An individual who is a member of an IFAC member body.]Professional accountant is an individual who holds a valid certificate issued by the Board of Accountancy (i.e., CPA), whether he/she be in public practice, industry or commerce, the public sector, or education. Professional accountant in business A professional accountant employed or engaged in an executiveor non-executive capacity in such areas as commerce, industry,service, the public sector, education, the not for profit sector,regulatory bodies or professional bodies, or a professionalaccountant contracted by such entities. Professional accountant in public practice A professional accountant, irrespective of functionalclassification (for example, audit, tax or consulting) in a firmthat provides professional services. This term is also used torefer to a firm of professional accountants in public practice. Professional services Services requiring accountancy or related skills performed by aprofessional accountant including accounting, auditing, taxation,management consulting and financial management services. Public interest Entity (a) A listed entity; and (b) An entity: (i) Defined by regulation or legislation as a publicinterest entity; or (ii) For which the audit is required by regulation orlegislation to be conducted in compliance withthe same independence requirements that applyto the audit of listed entit...
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